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NYC to vote to strip Bank of America CEO of chairmanship

Brian Moynihan
Pete Marovich | Bloomberg | Getty Images
Brian Moynihan

New York City's $165 billion pension funds will vote to strip Bank of America CEO Brian Moynihan of his chairman title, a spokesman for the funds told Reuters on Thursday.

The funds, overseen by New York Comptroller Scott Stringer, hold 25.2 million shares, which would place them roughly in the top 60 shareholders based on the latest publicly available information.

Investors will vote on Sept. 22 on bylaw changes made last year to give Moynihan the additional job. That move undid a vote by shareholders in 2009 to require an independent chair.

The vote is expected to be close. Other large investors that have also said they will vote to separate the Chairman and CEO roles include the California Public Employees' Retirement System and California State Teachers' Retirement System.

Via email, a Bank of America spokesman said the bank has turned itself around since the financial crisis and wants "the same flexibility on corporate governance as 97 percent of the S&P 500. We respectfully recognize that stockholders have varying views, which is why the board committed to holding the vote."